Disability Insurance Corvallis OR

Disability insurance is insurance provided by the federal government (and in some cases, employers) as a safety net in the event that a person is disabled and cannot work. Find out more about different types of disability insurance and what they cover here in the articles that follow.

Pay attention to how disability is defined in any policy you are considering. Also pay attention to whether all kinds of disability are covered or if your insurance only covers disability due to accident. While you will pay less for disability coverage for accident only, any unexpected serious illness (like a heart attack for instance, which is often silent before you experience it), could also put you at risk for an extended inability to work.

In reality, only 50% of employers cover short-term disability, and only 40 % cover long-term. Further, it's getting harder and harder to qualify for government programs, as government money dries up and new rules make it tougher to get.

. There is a limit to the amount of coverage you can get; no plan will replace 100% of your income. Whatever level of coverage you pick, it should allow you to meet your normal financial obligations and should also take into account the resources you have.

Disability insurance is a specialized form of health insurance. Disability insurance protects you in the case of loss of income. If you lose your ability to work, either from temporary or permanent disability, a disability claim can be made.

Sun Life did a study that tracked the outcomes of nearly 1,000 short-term disability claims, excluding maternity leaves. These claims were divided into two groups those who received early intervention disability services and those who did not.

. There is a limit to the amount of coverage you can get; no plan will replace 100% of your income. Whatever level of coverage you pick, it should allow you to meet your normal financial obligations and should also take into account the resources you have.

Disability insurance varies widely. Some features of the policy may add value for you or may not. As usual, you must weigh your risk. Always remember that anything that increases risk for the insurance company will increase cost for you. So, if you want a larger percentage of your salary in benefit, it will cost you more.

Cost of Living Adjustment ensures that the disability insurance benefit's paid to you will increase over time based on the cost of living. We assume that the cost of living will continue to go up and that is why disability insurance companies have COLA is an option. As usual, you increase the risk to the disability insurance company - and you will pay more for this type of policy.

Pay attention to how disability is defined in any policy you are considering. Also pay attention to whether all kinds of disability are covered or if your insurance only covers disability due to accident. While you will pay less for disability coverage for accident only, any unexpected serious illness (like a heart attack for instance, which is often silent before you experience it), could also put you at risk for an extended inability to work.

In reality, only 50% of employers cover short-term disability, and only 40 % cover long-term. Further, it's getting harder and harder to qualify for government programs, as government money dries up and new rules make it tougher to get.